₦airaland Forum

Cyberknight:
The policy was still a silly one because how many people in Nigeria can realistically afford to borrow money at the current high-interest rates. You can't mandate borrowing - the banks know very few people can afford to borrow at 20% or whatever interests rates are now (which business will yield that kind of returns), so they are loath to lend money because they know defaults go plenty, then CBN penalises them for not lending, it's basically insane.

Nothing is adding up.

I'm no fan of the current CBN governor's policies re monetary management, and I fully appreciate that he has very little room for maneouvre considering the current political situation and the red lines (do not devalue the naira, etc.), but the policymaking could be a little more joined up.

Nigeria can be a quagmire...

But the CBN scheme did make lending easier and was a good first step for a nation with little or no consumer credit available... Big things always start from somewhere.

I personally benefitted from it twice- The quoted interest rate is about 17% for most but the real rate works out to about 10%.. Also the interest rates are pro rata on a decreasing principal so you could payup early and pay lower. First time, I used it to buy grains which I stored for about 6 months and sold at 45% profit... Paid back the loan early with interest of abt 7%. Second time was when I used it to sort out a project I was on before funds came in... Again for profit.

Without that scheme, I wouldn't have had access to that loan. I made profit, the farmer made profit, the bank made profit... It's much better than the money sitting idly in the bank. Most of the billions developed nations spend is just money being rotated in the economy but tied to productivity...

Availability of consumer credit promotes consumer spending which is good for an economy... Since there's the BVN/NAT ID, that can be built upon to make a credit rating system with a reservoir of individuals who pay their bills as at when due and are good borrowers. That's why young working folks in deveped nations can get a mortgage on a good house, live a good life and pay up over the next 25 yrs... Most new cars there are bought on credit. In turn, they have the car companies and sell us the scrap.

That said, I agree the nation could do with better streamlining of policies

Another relatively new entry is matic.... Thanks to @ibeme for alerting me of its relationship with eith....

Looks primed to attack its ATH at 2.4 which is 50% away.. A retest of 1.6 its a place I'd add up

Sol takes the crown of being my first 2-3x of this run...

It's take off from 40 reminds me of bnb earlier on...

When bnb hit 150, it retraced to 120 ish before resuming a rally to 350....

Got alerts set I'd be watching this

jedisco:
Personally, as I shared on the other thread, irrespective of what bitc0in does in the interim ( as far as it's above 40k), I don't see the need to sell any of my alyts for now..... if a pullback comes and gives lower prices, I'd add more

Some of my alyt entries and target sells are...

One... Entry was at 1... Target is 1.5

Kusama... Entry between 280 and 300... Target is between 500-600

Dot- as above

Uni- entry was between 25-27... Target is 40

Link- entry was between 20-25, target is 40-50

Xrp- entry was 0.59... target 1.8 ish

Theta- entry was 7, target 12-15

Tfuel- entry was 0.36, target 0.6

Icp... Entry was around 66 and 40... targeting 120-150 on it...

Still got some shib (entry 0. and doge... Targeting 2x on both... Personally, I don't think doge will perform as well this time around... Many people who missed its last rallies have been lurking around in it... Me feels it'd still grustrate folks a lil

Usually, there's a rhythm to this market.... Eith or ada moves first and the other follows....

Coins that move on tandem can provide an opportunity to maximize profits if the second is lagging
If eith moves towards 4k, then etc will usually follow quickly... If it lags, then I cycle

If bnb moves towards 600-650, then bake and cake usually follow...

I noticed a number of my coyns are trending towards the desired target.... No complaints... I just dey watch

I like to follow a Saturday night week as on some charts... Not just a Sundays... I find it's sought of an expo into the coming week..

Looking at uni... Shared this 2 werks back when it first hit 30.... I was too eager at resistance....

Now I like the structure...
Against usdt, last weeks close wasn't a bad one... Still below 30, but that candle gives me confidence for a push up.... Next target is ATH at 40-43

Against betece, it looks rather impressive.... Has kept an uptrend line since January.... A rally to 0..8 seems programmed... Kinda reminds me of Ada

daintyprincess:
Can you please give an example of micros?

Openheaven2019, do help us out with heavenly long term investment calls here too

Thank you

I'd post a screenshot of micros I track....
But then, Midcaps are not done moving yet

My thoughts on bitc0in in the interim....

It seems the majority are expecting a good move down or up... But I ask myself, what if it just ranges...

The hash ribbon is still one of the more reliable indicators...and most times when it flashes, you start asking yourself months later why u were confused on whether to buy at 9k or 9.5 k... Or 30k and 33k recently....

Reason I'm not selling my alyts is this;
In this market, I like confluence and I don't see much of that now...... There might be a correction but with eiths move, I expect some circling of money soon... Already matic has picked up...... I'm still in my position and still awaiting my targets... If stuff dumps, fine... I'd add on the dip nd wait a lil longer...

Estimating what bitc0in will due in the immediate future can be more of a guess work... But Lemme speculate a bit.... Perhaps it pumps and ranges letting alyts rally... Folks get excited, it then corrects to the weekly ema... And now resumes a sustained rally to create new ATH.... I somehow believe Oct-Dec is Bitc0ins time.... Then alyts resume in January... Thats a pattern that has happened not infrequently in crypt0...

I've heard alot of mentions about xec here.... Lemme chk it out... But we I already know that when a coyn becomes popular here, that's usually the time to sell.

Same with when new long-term traders want to buy a coyn nd hold for years... It's usually after a heavy pump...

Hopefully, folks don't rush in to buy pumped stuff just like psg at 66 and start lamenting weeks on end...

Crypt0 no easy ooo

Willie2015:
You cant blame the Nestle and the rest...
Its not cheap to produce any product in Nigeria...
D cost of doin business in Naija is killin...
Tax holiday and grants can only achieve a little....
Without FG fixin the problem of power and infrastructure...
Its simply not competitive to produce in Nigeria...
Insecurity, double taxation, power, infrastructure, declinin disposable income etc tc
are still key challenges FG need to resolve....
Dont also forget that our border are porous in the North...
Nestle and others will still have to compete with cheap imports...
Cheap imports by the Northern elites killed the textile sector in Naija....
CBN monetary policies is meaningless without complementary fiscal polices...
Its a hydra headed monster....
and FG is simply not ready to fight...

Our problems are hydraheaded like you say, but then it can be solved by starting from somewhere...or at least, not making it worse.

Regarding milk, trust me... If Nestlé wanted to start production here, they'd have done that long ago.... Already, one of the milk companies are doing it.... They buy directly from local farmers at rates much cheaper than international price... In turn, they give the farmers cheaper input and teach them how to milk the cows properly... The farmers no longer have to roam their cattle and make much more than if they sold the milk as fura locally.... Although it was on a small scale, the outcome was promising...

That we have a huge population is our leverage on these companies... If the cost of running their company and selling milk to Nigerians is not too high for them, then the cost of producing such here shouldn't be too high either. Or is their plan to perpetually import from Netherlands?
If not for such policy, by now MTN would still have been importing recharge cards and ShopRite (b4 leaving) would have been importing banana..

The issue is that all our policies resolve around banning this or that without thinking things thru... Most western nations achieve all these by just tweaking with taxation here nd there... Take ulez fees in some major cities for example.

The last macroeconomic policy of the CBN that made sense was them mandating banks to borrow out money by tweaking with the CRR... End result was that banks rapidly dropped their rates and started looking for eligible folks to borrow money... Pity it's not been built on..

ultron12345:
I think what the CBN is doing, is just to manage to naira for now with short term solutions and keep kicking the can down the road, till the Dangote Refinery begins production, as that will take a lot of pressure of the naira and even become a huge source of forex via it's exports.

Our problems are well documented... Issue is the macroeconomic policies of government are not aimed at solving those problems...

Thankfully you brought up the Dangote refinery...
First, they said it'd be ready in 19/20... Hence CBN was rapidly supplying him cheap forex....
As if that wasn't enough, the government has now been forced to buy up a small percentage at an exorbitant premium....

I respect Dangote for his tenacity and industry.... But the way he's going about his refinery issue, it looks like its Nigeria building it for him...
I wouldn't be surprised after its completed, he lists it at an inflated price on the stock market and transfers the whole liability to shareholders... Only to buy back the shares later on when it'd have crashed...

ultron12345:
Yes. I agree. This is the reason behind the policy of limiting fuel imports to only those who operate local refineries. But was it not condemned, I think even on this thread as a covert method to give the "Fulani" dangote monopoly over Nigeria's petroleum industry just like the imaginary monopoly they say he has over cement. "Dey want to give Fulani monopoly over southern oyel"

It was recently done with sugar, limiting cane sugar imports to only those with refineries, but they said its to give Dangote monopoly.

The CBN was planning to do it with milk sef. That was around a time Dangote announced he'll be going into dairy business. They said it was a ploy to help Dangote monopolize milk.

Yeah... It was tried with rice, sugar and fuel... But they got it wrong with the methodology.....
The peculiarity of something like petrol is that it's more expensive in neighbouring nations and our demand cannot be smuggled in...

Allowing just a select few folks who posed as building refineries access was where the mistake was made... For a merchant, It's much more lucrative to import and sell petrol than build and operate a refinery...

All they had to do was assemble some scrap metal in the name of building a refinery, snap pictures, bribe their way thru regulatory agencies and continue to import those items on the cheap...

Now, if any merchant was allowed to import petrol... Once it arrives at the port, its taxed 20-30%... At the same time, the government puts in a policy that for the next 20years, any new refinery in the nation will be exempt from paying all taxes for 5 years from date of first production... This can subsequently be ratified thru the national assembly to boost investor confidence....
I doubt how a few will successfully cheat through that system...

Those who want to import will be free to do so, but the margin will be significant....

When I look at folks/companies CBN says its trying to protect by giving them cheaper forex, it's even more annoying...

Take 2 examples...
Take nestle and the rest... These companies have operated for decades in Nigeria... But then, they'd rather go to their parent nations to import milk and sell here when it'd be cheaper to produce that here.. What does CBN do? Give them access to forex so they can maintain profitability of farmers in Netherlands....
A sensible approach would be to let them dource forex at market rates, double tax whatever milk import they make and in turn, give tax holidays and grants to whatever company that decides to build local infrastructure...


Same can be said of petrol subsidy
The beneficiaries are surrounding West African nations and European refineries and nations.... Without a nation of 250million importing petrol, a number of European refineries and jobs will have to shut dow.
A sensible approach will still be to end whatever subsidy there is.... Subsequently tax imported petrol while granting tax holidays e.t.c to whatever local refinery we have..... Do that for 5 yrs and lets see if local refineries don't pop up

Similar approach can be made towards virtually every item on the CBNs forex list... Citizens shouldn't remain poor at the expense of a few rich

The argument has never been making the naira 1:1 or even make the naira 'stronger'... It's all about retaining some semblance of stability in the currency.

I'm not bothered about the actual exchange rate but rather about why and how quickly it's allowed to slide. Whether it exchanges for 500 (+/- 20) or 1500 (+/-100) and that remains stable for the next 10 years, that's perfectly fine.

The advantages of having a lower denominated currency are well known... Look at china and Nigeria for example

China: has lots of interventions to try and keep its currency low.
Who pays? The Chinese government spends billions of forex to achieve this
Who benefits: Small industries in China who can cheaply export their goods...
Outcome: China has the largest growing middle class in the world

Nigeria: Also has lots of interventions in her forex
Who benefits: The privileged and connected few who have access to subsidized forex for whatever reason.
Who pays: The remaining citizens who fo not have access but are forced to bear the brunt of rising prices e.t.c. Also the CBN who fritters away the nations reserves by subsidizing the rich at the expense of the poor
Outcome: Nigeria has become the poverty capital of the world with over 90 million in extreme poverty.

Can we imagine China giving cheaper than market rate dollars to its citizens traveling to the west for holidays, schooling or medical services e.t.c.... There's a reason why no progressive nation does that
It's quite clear that the current approach by the CBN is one of self destruction

jigabanty:
Boss, thanks for all your input here so far. God bless you sir.

Pls, can you help elucidate the relationships in Market Cap, Max Supply, Circulating supply and all other supplies and how it affect the value of a coin in order for us to project on our long term investment.

Thank you sir.

I'm also following with reckless abandon

Would take a while to evaluate all, but the basic reasoning is this...

First market cap- a multiplication of the amount of a coyn issued by its price... I.e if I wanted to buy 100% of a coyn, what would it cost

Large caps- coyns with largest market cap.... No clear cut-off but I usually limit it to top 5-7 excluding tether... After bitc0in, eith is the largest market cap... Usually, in recovery from a bear market, they move first nd tend to hold structure more.....

Circulating supply- as the name implies... usually, the amount of a coyn available to trade... Reasoning is that coyns with lower supply can move faster

Max supply... Same also... Reason if a coyn has an endless supply, then it might not do as well in the long-term as one with a fixed or reducing supply...

The reasoning behind these are not always the case... Further explanation on these could be got online

If bitc0in holds... large- Midcaps should move well....

But then, in the weeks following that, I believe the sweet dough will be made on micros.....
Thats a move I'm not planning to miss... Most have hardly moved all this time.... Most could easily do a 2-3x from current valuations

Ruben225571:
I’m not you. I don’t know how many times you expect me to show you proof before you stop quoting me wrongly here…

This is how you come for me concerning Ada “ I show you proof of the two month you mention, now” btc, you’re saying what you don’t know!!! I’m not you!!

I need the shooting! If Btc dip” I’d buy, if you you’re not buying. Is your business to deal with!!!

Hehe... No vex....
Hopefully, bitc0in satifies ur wishes after it's satisfied mine

Ruben225571:
I badly need Musk to shoot Betc “ I need China to do some shooting “ I need good dip abeg

I can manage 20-42K$!!!

The bad news am reading about dip aren’t helping!!
Let the dip begins!

At least 3-5 days good red lines back to back !!

Aje!!

When it comes, you wouldn't buy but will fill this place with how that's the end of bitc0in...

Funny enough, now that bitc0in is pumping, no one is talking about China

I came across this coyn a while ago while farming micros and bought it...

It looked to be a newly listed coyn that had formed a base rather quickly... It's been slowly trending up and holding the daily.... Might add up on a pullback to the daily support...

Targets No idea.... Maybe 2x

HazardAwka:
Get 1B Feg for just 3k

Una don return?

dayo229:
Are you cutting any of your position?

I am... I rarely jump in an out of positions as it doesn't suit my trading style.....

I'm largely in alyts now and my plan is if bitc0in keeps ranging moreso abv 50k, I'd only take profits into stables and bitc0in so I'd be prepared fo a dip wgen it comes.... If it dips now, so be it.. I'd buy some more lower

just2endowed:
A senator was parading 4 wives at the floor of the house and bragging about it. Now let's assume there was a constituency project he need to carry out. A thought about his family will make him want to steal more because of too much hands to feeds

Truth be said, individuals choices arent really an issue moreso when it comes to something that has religious backing for some.... Some can afford it too

Every country has lavish folks which isn't bad
What's annoying is getting macroeconomic policies that have a direct impact on the lives of millions...case in point is petrol subsidy

just2endowed:
What's the way forward. The scarce resources we have as a nation is not even enough for a region in Nigeria. We fail to address population with economic growth. Education is also a key here as it can transform us productively like China but population explosion is still the biggest problem in economic growth in West Africa.

The large population we have can be an advantage if utilised properly....

IMO, certain macroeconomic moves can be put in place that'd reduce problems by a long way...

From an economic POV, first we need to end the triad of subsidies... (I.e petrol, dollar and electricity)... Hx has enough proof that it doesn't work.. They only serve to further impoverish a poor nation at the expense of a chosen few.. Ideally, things like petrol should be taxed... There is a reason why Western nations do not subsidize petrol or forex despite their large budgets for social care...

Also CBN needs to support cheaper borrowing rates to SMEs... Their policy mandating banks to borrow out more had some good effect... But they could build on that... Of course, they'd need to make more robust the current ID system we have and possibly a credit rating system so lenders can give deserving folks cheap credit... That's a major difference between thirsd and first world nations

OBJ did well with the pension reforms, CBN could build on that and fastrack a proper mortgage industry.... When I look at Western nations, I believe the mortgage industry (along with the stock market) are the miracles of modern economics. It's impressive how people took the age long process of buying land and building and transform it to a vast industry that now supports the greatest economies. The benefits of such a system are endless... It's just like distilling raw crude into it's components.... It's an industry so big that the collapse of the industry brought a worldwide recession...

Of course, things like universal and mandatory free basic education, cutting the cost of government, community or state policing and some semblance of fighting corruption should be a given

just2endowed:
You fail to address something critical. If the UK pollution as at 1960 is 52 million and come to this present date, there population is 62million.
Nigeria population in 1960 was 45 million.
To this present day 2021 is more than 200million.

Now tell me, let's assume Nigeria population was swap to England, do you think there will be something like social walfare?

Economic growth and population should go and in hand.

Decisions the UK made are responsible for keeping their population within manageable limits... Every country passed thru this stage.... The Issue is what they did to make progress

In the pyramid of development, countries usually pass thru certain macro stages viz;
High birth rate and high death rate>>> high birth rate and low death rate>>> low birth rate and low death rate.
It's decisions made that push nations from one to the other.

Have you wondered why in Nigeria, poorer regions generally have a higher birth rate and even in particular regions, poorer folks generally give birth to more kids...

Also some of the laws in place in the UK e.g child support, child protection e.t.c makes raising kids serious business hence people don't go around popping kids at will.

It's been proven that one of the best ways to reduce the birth rate is by ensuring good universal education. Take Kano for example with about the highest birth rate in the world. Provide good schools and make it mandatory for those kids roaming the streets to be in school... In the next 25yrs, the birth rate would easily be halved and you'd have a more productive workforce.

That's why it irks me when the ruling few sustain measures that ensure the vast majority of the people become poorer and remain in abject poverty and rather than citizens to speak up, folks will say we should keep quiet because in their little view, they think it wouldn't affect them. It's like rejoicing that you have a prime cabinet on a sinking ship.. Sooner or later, the fact will become obvious.

nonut:
I no fomo again...

Wgen popular media tells you bitc0in is going to the moon (like tgey did when it first hit 60k), perhaps, that may be the time to sell....
No financial advise oooo

It seems alot of people are expecting a correction.... But finally, the way bitc0in is struggling with 51k does not give confidence... Moreso with ltc pumping

crazymommy:
Yeah true but it is a better option for now...

Yeah... Just that thei insurance policy seems rather vague

crazymommy:
[url]nexo.io[/url]

I used the website some years ago and it worked but I cannot say for now...

Came across it.... Looks neat... their ltv of 50% is ok....Just that their rates aren't as competitive....

One can get below 1% on Celsius but the ltv would be quite low....abt 20%...

How dependent did you find their system during periods of high volatility

Le bnb doing what it's meant to do

Mazinewmoney:
Does anyone here have an experience of taking a loan on a crypt0 platform?

Been looking into options...

Want to take a usdt loan with bitc0in as collateral....

Looking at a 3-6 month timeframe....

I'd wait for clarity on the market b4 making a move.

P.s, I'm not taking it to buy alyts... Need it to handle stuff but don't want to sell my bitcoyns yet

Anyone with thoughts on this?

Seems the expectation is for bitc0in to make a huge move.... What if it just keeps ranging? Hehe

Ruben225571:
When i see news like this eh” I keep wondering if leaving my cash in Binance app is safe, seriously!!

Imagine Binanz vanish with everyone money” like MMM ” God” I don’t even wanna think that !!!

My trust on Binance is 50% while other exchange 10,10%!!

I post this cos some nasty news about Binanz at times make me think ! Cos every country keep hitting Binance!!

I’d love some folks to insight on this!!

Thanks!!

Though quite safe, exchanges are like a market place... It's always advisable not to keep significant stash there... Worse case scenario, split them across exchanges...

You can get a wallet to store your coyns... With defi, you can even stake them and earn rewards without really transferring it out... When u want to sell, you move it out nd sell

IamR:
Really?

Yeah... The chap was making an argument for capitalism trying to say that's how its done in the West... That the poor should be left to die...Sometimes, it's shocking how people think..

It's easy to forget that social spending takes about the biggest chunk of the budget is same Western nations.... I had to point out that the difference between UK and Nigeria is not based on what their rich can afford but the fact that the poorest UK citizen has free access to much better and prompt healthcare than even governors in Nigeria...

People should learn to look beyond their circles....

It was on this thread that some insulted youths that came out during end sars protests calling them lazy because their mates bringing in container from china. Some said they're not bothered cos their money is in TBs. It was also on this thread that someone insinuated that the solution to Nigeria's problems is to let the poor people die....

An economy is a sum of its parts....

Its like someone saying no need to provide free and compulsory education for the out of school kids in Kano bbecauseDangote is paying millions for his kids in same Kano...

During the civil war, some Igbos ate fat off it... That did not mean that millions of Igbos were not left desolate. People have become millionates due to the insurgency in Borno... That does not mean millions haven't paid dearly for it.

What is going on in the north today is evidence that if the child next door cannot get good education, that cancels out whatever education you can provide for your child.